Exports fall at fastest pace in 25 years in March amid Covid-19 outbreak

According to data released by the commerce and industry ministry, exports stood at just $21.4 billion in March, as massive broad-based decline plagued all major foreign exchange earning sectors.

India’s exports contracted by 34.5 per cent in March, the steepest monthly fall in at least 25 years, as overseas demand remained lacklustre due to the coronavirus pandemic. 

This, coupled with trade demand remaining soft for months earlier, led to annual exports falling to $314 billion in 2019-20, 5 per cent lower than the $331 billion worth of shipments in the previous year. This is the first time in four years that annual exports have fallen.

According to the data released by the commerce and industry ministry on Wednesday, exports stood at just $21.4 billion in March, as a massive broad-based decline